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Premier Li Keqiang presided over an executive meeting of the State Council on July 10 to determine measures to further stabilize foreign trade in order to expand opening up to help stabilize growth and employment. The meeting pointed out that the key to implementing the requirements for stable foreign trade is to further expand opening up to the outside world and pay more attention to market-oriented reforms and the use of economic means to enhance the endogenous power of enterprises.

The person in charge of the Foreign Trade Department of the Ministry of Commerce interpreted the background and main contents of the policies and measures.

1. background

Since last year, the external environment for foreign trade development has undergone profound changes. In accordance with the "six stability" work arrangements of the CPC Central Committee and the State Council, the Ministry of Commerce, together with various departments, issued a number of policies in a timely manner, and various localities also actively introduced supporting measures to form a joint force of policies, which has achieved good results in stabilizing confidence and expectations. The questionnaire survey of exhibitors at the 125th Canton Fair shows that 77.6 per cent of enterprises are generally satisfied with the implementation of the policies and measures.

The Party Central Committee and the State Council attach great importance to foreign trade work and require further opening up, creating a better policy environment for foreign trade enterprises, expanding import and export trade, promoting the stability and quality of foreign trade, and enhancing export competitiveness. The Ministry of Commerce attaches great importance to it and has carried out a nationwide survey on "stabilizing foreign trade, stabilizing foreign investment and promoting consumption". Enterprises have reflected some difficulties and demands, such as fierce market competition, increased trade frictions, rapid rise in comprehensive costs, financing difficulties and expensive financing that have not yet been solved, and the business environment needs to be further improved. At the same time, the good experience and good practices of stabilizing foreign trade in some places have achieved good results and are worthy of national promotion. On the basis of a large number of investigations, we, together with relevant departments and units, have studied and put forward suggestions on measures to further stabilize foreign trade, which have been examined and approved by the executive meeting of the State Council.

Main contents of 2.

This round of policy measures adhere to the problem-oriented, precise policy, and strive to effectively solve the outstanding problems and demands reflected by foreign trade enterprises. It has not only worked intensively on effective policies in the past, but also absorbed policies and measures and good experiences and practices introduced by some localities.

The main contents include:

The first is to improve fiscal and taxation policies to help enterprises reduce their burdens and increase efficiency. Continue to reduce the overall level of import tariffs and expand opening to the outside world. Increase the export tax rebate rate for some products to ensure that the average processing time for normal tax rebates at the end of 2019 is within 10 working days. Establish an early warning system and a legal service mechanism. Timely revise the catalogue of technologies and products to encourage imports, and encourage enterprises to actively expand the diversified import channels of key components and advanced technology and equipment.

The second is to strengthen financial support and reduce corporate financing costs. Maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, and improve the convenience of RMB settlement. Financial institutions are encouraged to further expand the financing scale of export credit insurance policies in the light of the actual needs of foreign trade enterprises, and continuously improve the quality and efficiency of foreign trade financial services. We will expand foreign trade credit and guide various financial institutions to increase foreign trade financing and insurance support for small and medium-sized enterprises. Give full play to the role of export credit insurance, expand coverage, reasonably reduce premiums, develop new products and new models, and study and propose special insurance types that meet the needs of enterprises.

The third is to innovate policy support measures to support enterprises to develop new formats. Introduce an approved income tax collection method adapted to the characteristics of cross-border e-commerce retail exports, and clearly not retroactive. Timely expand the pilot scope of cross-border e-commerce comprehensive pilot zone. Improve cross-border e-commerce statistics. Overall consideration of the comprehensive bonded zone inside and outside the zone, accelerate the implementation of remanufacturing and global maintenance projects that meet the requirements in the zone, and at the same time promote a number of "two ends outside" processing trade bonded maintenance projects outside the zone. Cultivate the third batch of import trade demonstration zones.

The fourth is to enhance trade facilitation and release the vitality of enterprises. Implement the system of publicizing the list of port charges and prevent the rebound of port charges. Consolidate the effect of reducing the overall customs clearance time. Further simplify the import and export link supervision documents.

3. the next step

The top priority of the current foreign trade work is to implement policies and do a good job in stabilizing foreign trade. The Ministry of Commerce is working with various localities and departments to strengthen horizontal collaboration and vertical linkage to ensure that policies and measures are refined early, quickly implemented, and effective. At the same time, ask in the enterprise, ask in the local, reserve more accurate and powerful policy initiatives and timely launch. The Ministry of Commerce will continue to promote a higher level of opening up to the outside world, focus on stimulating the vitality of market players, boost the confidence of foreign trade enterprises, and strive to promote the stability and quality of foreign trade.

(Source: Ministry of Commerce website)